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    8031   JP3893600001

MITSUI & CO., LTD.

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Japan's Mitsui and partners to exit Mexico's gas power project

09/16/2021 | 04:02am EDT
FILE PHOTO: Logo of Japanese trading company Mitsui & Co. is seen in Tokyo

TOKYO (Reuters) - Four Japanese companies, including Mitsui & Co, have agreed to sell their entire stakes in Mexican power plant operator MT Falcon Holdings to British fund Actis GP LLP for an undisclosed figure, the companies said on Thursday.

The divestiture from Falcon, which runs 2.23 gigawatts (GW) of gas-fired plants, comes amid a growing global trend away from fossil fuels in the race to cut harmful carbon dioxide emissions and slow climate change.

Trading house Mitsui, which has a stake of 40% in MT Falcon, said the deal followed a review of its asset portfolio. It plans to book a loss of 7.8 billion yen ($71 million) from the sale in the current financial year ending March 31, it added.

City gas provider Tokyo Gas, which holds a stake of 30% in the project, and Japan's biggest power generator JERA, the owner of a 20% stake, said their decisions were also part of portfolio reviews, but declined to comment on financial impact.

Tohoku Electric Power, which has a stake of 10% in the project, confirmed the plan, but did not comment on the reason or its financial impact.

Mitsui and JERA decided this year to sell their stakes in Indonesia's PT Paiton Energy, which runs coal power plants.

JERA is a joint venture of Tokyo Electric Power Company Holdings Inc and Chubu Electric Power Co Inc.

($1=109.2800 yen)

(Reporting by Yuka Obayashi; Editing by Clarence Fernandez)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MITSUI & CO., LTD. -0.14% 2587.5 End-of-day quote.36.94%
TOHOKU ELECTRIC POWER COMPANY, INCORPORATED -0.13% 779 End-of-day quote.-8.35%
TOKYO GAS CO.,LTD. -1.17% 1904 End-of-day quote.-20.13%
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Analyst Recommendations on MITSUI & CO., LTD.
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Financials
Sales 2022 9 676 B 84 900 M 84 900 M
Net income 2022 677 B 5 941 M 5 941 M
Net Debt 2022 3 534 B 31 005 M 31 005 M
P/E ratio 2022 6,23x
Yield 2022 3,69%
Capitalization 4 204 B 36 961 M 36 887 M
EV / Sales 2022 0,80x
EV / Sales 2023 0,81x
Nbr of Employees 44 509
Free-Float 94,8%
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Number of Analysts 12
Last Close Price 2 587,50 JPY
Average target price 3 045,00 JPY
Spread / Average Target 17,7%
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Managers and Directors
Kenichi Hori President, CEO & Representative Director
Takakazu Uchida CFO, Representative Director & Executive VP
Tatsuo Yasunaga Chairman
Yoshiaki Takemasu Representative Director & Chief Compliance Officer
Izumi Kobayashi Independent Outside Director
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